Dubai, UAE economy is likely to struggle to recover from coronavirus. The pandemic has coincided with the slump across the oil & gas industry which has taken a hit, resulting in a lack of foreign investment and creating a sense of uncertainty.
The fall in economic investment has severely knocked industries in Dubai, including the construction industry, with many projects coming to a halt and workers having to move elsewhere.
The most affected area of construction is the housing market.
"The UAE real estate sector has slowed significantly during the past five years and we expect coronavirus to further slow home sales and lower rental prices. We expect a decline in residential prices in the next 12-18 months because most UAE markets are still suffering from persistent imbalances as a result of excess supply," according to the Moody's Investors Services report.
Despite the news of Dubai's economic struggle, it is important to note that several other countries across the globe are in a more stable situation. Due to this, many residents of Dubai will be looking to move for work. If you are considering your role in the UAE and are feeling unsure, get in touch to discuss opportunities elsewhere that will give you a better peace of mind for the future.
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